利率市场化和经济下行双重压力下—— Interest rate marketization and economic downside under double pressures--

　　在利率市场化和经济下行双重压力下，银行利差收益受到冲击，获取除利差之外的综合收益成为银行的必然选择。银行发展中间业务和中小企业业务的集合型金融方案——供应链金融，成为银行获取综合收益最好的模式之一。

In the interest rate marketization and economic downside under double pressures，Bank interest income suffer，Except for the comprehensive income outside interest spread as the necessary choice of the bank。Bank development middle business and small and medium-sized enterprise business pool of financial plans-supply chain finance，As for the best comprehensive income bank one of the model。

　　商业银行热推供应链金融 Commercial Banks hot push supply chain finance

　　近日，交通银行总行在武汉举行的金融产品与服务方案推介会上，供应链金融成热点。湖北稻花香集团、湖北新华医院以及其上下游等企业与交通银行签署了供应链金融合作协议，交通银行将为供应链上的企业提供金融管理、发放信贷等一系列服务。

recently，Traffic bank head office in wuhan held financial products and services at the promotion plan，Supply chain finance a hot topic。Hubei rice fragrant flowers group、Hubei xinhua hospitals and its upstream and downstream enterprises and traffic bank signed the supply chain financial cooperation agreement，Bank of communications for enterprise on supply chain will provide financial management、In their lending and a series of services。

　　早在2006年，浦发银行(600000,股吧)就发布了“企业供应链融资解决方案”，推出了“在线账款管理方案”、“采购商支持解决方案”、“供应商支持解决方案”等六大解决方案。今年，浦发再次推出全面升级的“供应链金融解决方案”，帮助各类企业在全球范围内的物流、信息流和资金流管理上提高实效、节约成本、增加价值。

As early as in 2006，Shanghai pudong development bank(600000,Shares it)reported“Enterprise supply chain financing solutions”，launched“Online receivable management plan”、“Purchaser support solutions”、“Supplier support solutions”And so on six big solutions。This year，Overall upgrade of pudong development forward again“Supply chain financial solutions”，To help all kinds of enterprise in the context of the global logistics、Information flow and cash flow management improve the effect、Cost saving、Increase value。

　　中行则推出包括融易达、融信达、通易达、融货达等在内的一系列供应链融资产品。比如融易达产品，在核心企业赊销采购环节，买方企业可以利用自身闲置的授信额度扩大购买能力，通过帮助卖方获得融资来维护自身供应链的稳定，以获得更多的优质上游产品。对于卖方企业，可以充分利用买方的授信额度，在自身授信资源紧张情况下，更便捷地获得银行融资。

Bank of China, including RongYi reach out、Melts the、Tong eseetech、Harmony of a series of goods, supply chain finance products。For example RongYi of products，In the core enterprise credit sales procurement procedures，The buyer enterprise can use their own idle line of credit expand purchasing power，With the help of the seller to get financing to protect their the stability of the supply chain，To get more of the high quality products。For the seller enterprise，Can make full use of the buyer's credit limit，In their own credit resources boom，Easier access to bank financing。

　　华夏银行(600015,股吧)推出的供应链品牌“融资共赢链”，从不同角度满足不同业务类型企业的融资需求：“未来货权融资链”可以帮助企业在没有现实货物情况下实现融资；“货权质押融资链”和“货物质押融资链”则可以帮助企业盘活库存；“全球保付融资链”可以帮助企业提升信用等级，获取商业机会；此外，“国际票证融资链”则可以帮助企业提高资产使用效率，便利境内外采购；而当企业遇到赊销过程中产生的应收账款问题时，则可以利用“应收账款融资链”。

Huaxia bank(600015,Shares it)The launch of the supply chain brand“Financing win-win chain”，From different angles, meet different types of financing business needs：“The future cargo right financing chain”Can help enterprise in no real goods realize financing；“Cargo right impawn financing chain”and“The pledge financing chain”It can help the enterprises to revitalize the inventory；“Global del credere financing chain”Can help enterprise to promote credit rating，For commercial opportunity；In addition，“The international ticket financing chain”It can help the enterprises to improve the efficiency of using the assets，Convenient and purchasing；And when enterprise meet sell on credit created during the accounts receivable，May be used“Accounts receivable financing chain”。

　供应链金融一箭三雕 Supply chain financial one arrow 3 carve

　　一般来说，一个特定商品的供应链从原材料采购，到制成中间及最终产品，最后由销售网络把产品送到消费者手中，将供应商、制造商、分销商、零售商、直到最终用户连成一个整体。在这个供应链中，竞争力较强、规模较大的核心企业因其强势地位，往往在交货、价格、账期等贸易条件方面对上下游配套企业要求苛刻，从而给这些企业造成了巨大的压力。而上下游配套企业恰恰大多是中小企业，难以从银行融资，结果最后造成资金链十分紧张，整个供应链出现失衡。

Generally speaking，A specific commodity supply chain from raw materials procurement，To the middle and end products made，Finally by the sales network products to consumers' hands，supplier、manufacturers、distributors、retailers、Until the end user into a whole。In the supply chain，competitive、The larger the core enterprise because of its strong position，Often in the delivery、price、Zhang date, the terms of trade of downstream supplementary enterprise is too hard，Thus to the enterprise caused great pressure。And downstream supplementary enterprise on the most is the medium and small enterprises，From the bank to financing，Results the last cause capital chain is very nervous，The whole supply chain appear imbalance。

　　“供应链金融恰恰解决了目前普遍存在的供应链危机”，银联信总经理符文忠告诉记者，“供应链金融有一箭三雕之效果：其一，通过将上下游中小企业和核心企业捆绑在一起，既降低了中小企业的融资难度和融资成本，也降低了银行中小企业业务的风险和信息成本；其二，通过供应链金融，银行既稳定了核心企业这个大客户，也留住了众多上下游中小企业客户；其三，在利率市场化的竞争压力和利差缩窄的压力下，银行通过供应链金融获取利差之外的综合收益，弥补了利率市场化带来的利差收窄”。

“Supply chain financial just is solved by the prevalence of supply chain crisis”，Union pay letter FuWenZhong general manager told reporters，“Supply chain is a financial arrow 3 carve effect：one，Through the will of small and medium-sized enterprises and the core enterprise upstream and downstream tied together，Not only reduce the small and medium enterprise financing difficulty and financing costs，Also reduce the risk of business bank small and medium-sized enterprises and information cost；The second，Through the supply chain finance，The bank is stable core enterprise this big customer，Also keep many small and medium-sized enterprise customers upstream and downstream；thirdly，In the interest rate marketization pressure of competition and carry erode under pressure，Bank through the supply chain financial gain outside of the spread of comprehensive income，To make up for the interest rate marketization brings spreads narrow”。

　开发链条有限 风控体系不完整 Development chain Co., LTD the wind control system is incomplete

　　“今年有两大因素促使供应链金融在中国的发展：一是今年的经济下行背景，中小企业相对来说受冲击更大，通过供应链金融模式可以帮助银行降低中小企业业务风险。二是利率市场化在逐步推进，银行利差收益受到冲击，获取除利差之外的综合收益是银行的必然选择，而供应链金融就是银行获取综合收益最好的模式之一。”符文忠说。

“This year saw two big factors make financial development in China supply chain：One is this year's economic downside background，Small and medium-sized enterprises are relatively greater impact，Through the supply chain financial model can help the Banks to reduce small and medium-sized enterprise business risk。2 it is interest rate marketization in advance gradually，Bank interest income suffer，Except for the comprehensive income outside interest spread is the inevitable choice of the bank，And supply chain finance is the bank for comprehensive income of one of the best model。”FuWenZhong said。

　　不过，作为一个全新的融资模式，供应链金融也产生一些问题，需要进一步的创新。国泰君安银行业研究员伍永刚说，目前供应链管理的意识普遍薄弱，成员之间关系松散且边界模糊，核心企业对供应链成员的管理缺乏制度化的约束手段，而成员企业对核心企业的归属感也不强。这使得银行可选择开发的链条有限，所以目前推行的供应链金融仅局限于汽车、钢铁、能源、电信等有限几个行业。另外，目前供应链金融风险控制体系尚不完整。除个别银行外，大部分银行的供应链融资尚未独立，没有形成专门的债项评级体系，没有特别的审批通道，没有专业化的操作平台，缺乏针对核心企业和物流监管合作方的严格的管理办法等。

but，As a new financing mode，Supply chain finance is also cause problems，Need further innovation。Cathay Pacific hand to banking researchers WuYongGang said，At present the supply chain management generally weak consciousness，Relations between members of loose and fuzzy boundaries，The core enterprise supply chain members of the lack of institutionalized management means of restraint，And members of the core enterprise of belonging of the enterprise is not strong。This makes the bank can choose the development of the chain Co., LTD，So at present carrying out the supply chain finance is restricted to the car、steel、energy、Telecom and so on, several industries。In addition，At present the financial risk control system supply chain is not complete。In addition to the individual outside the bank，Most bank financing has not independent of the supply chain，Not form a special debt rating system，No special examination and approval channel，No professional operation platform，For the core enterprise logistics and lack of supervision partner strict management way, etc。

　　“从长期看，供应链金融是中国银行业发展的必然趋势！”符文忠认为，“利率市场化之下，中国金融业的脱媒化趋势越来越明显，好的客户和大企业通过债券市场融资跑了，银行越来越难从大企业、优质客户中获取利差收益，迫使银行更多的发展中间业务和中小企业业务。但中小企业特别是小微企业，信息不好把握，风险相对较高。而供应链金融，是银行发展中间业务和中小企业业务的集合型金融方案，所以必然成为银行的优先发展选择。”

“In the long run，Supply chain finance is the inevitable trend of the development of China's banking industry！”FuWenZhong think，“Under the liberalization of interest rate，China's financial industry to take off the media trend is more and more obvious，Good customer and large enterprise through the bond market financing run，The bank has become more and more difficult from the big enterprise、The high quality for the customer interest income，Forcing Banks more development middle business and small and medium-sized enterprise business。But small and medium-sized enterprises, especially small micro enterprises，Information not grasp，Relatively high risk。And supply chain financial，The bank is the development of the intermediate services and small and medium-sized enterprise business pool of financial plans，So is bound to become bank giving priority to the development of the choice。”

　　记者 陈宁

Reporter ChenNing